The National Association of Realtors (NAR) recently released
their Pending Home Sales
Index Report and revealed that it is at its highest level
since April 2006. The Pending
Home Sales Index is “a forward-looking indicator based on contract
signings”. The higher the Pending
Home Sales Index number, the more contracts have been signed by
buyers that will soon translate to sales. Every region of the country has
experienced year-over-year gains in pending sales as seen below:
NAR’s Chief Economist, Lawrence
Yun cites job creation as a major reason that the housing market has boomed
this spring, going on to say,
"It's very encouraging to now see a broad based recovery
with all four major regions showing solid gains from a year ago and new home
sales also coming alive."
Yun went on to caution that,
"Housing affordability remains a pressing issue with
home-price growth increasing around four times the pace of wages. Without
meaningful gains in new and existing supply, there's no question the goalpost
will move further away for many renters wanting to become homeowners."
So What Does This Mean
To Buyers?
There is a lot of competition out there right now for your dream
home. Prices are going to continue to climb, act now before you are priced out
of your future home.
What Does This Mean to
Sellers?
If you are on the fence about listing your home for sale right
now and debating whether now is the time to move on with your plans of
relocating… now is the time! There are more buyers that are ready, willing and
able to buy their first, second, third, vacation, or investment property now
than there has been in years! The supply of homes for sale is not keeping up
with the demand of these buyers. Listing your home for sale now will give you
the most exposure to buyers and the best sales price.
Bottom Line
Whether you are planning on buying or selling a
house this year, waiting to act no longer makes sense.
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Find Me @homesbyjosal
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